Dubai - Sharikat Mubasher: PhonePe, India’s leading digital payments platform, secured In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for two licenses: Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF), marking a key milestone in its global expansion journey.
The IPA was secured after the successful completion of the initial regulatory due diligence and will enable PhonePe to work toward securing final approval to commence business operations, the company stated in a press release today.
Upon receiving final regulatory approval, the Indian platform plans to collaborate with regional banks, licensed payment service providers, and local technology vendors to actively advance the country’s cashless economy vision.
PhonePe also plans to explore opportunities to support 'Aani' and 'Jaywan', the UAE's domestic payment rails, by leveraging its full-stack technology platform.
Ritesh Pai, CEO and executive director for international payments at PhonePe, said: “We are honoured to receive In-Principle Approval from the CBUAE. The country’s vision and regulatory environment make it an ideal setting for our international journey. As the UAE advances toward an interconnected, digital-first economy, PhonePe aims to be a committed, long-term partner supporting its evolving ecosystem.”
He highlighted the company’s intention to support the strong economic and trade corridors connecting the UAE, India, and global markets, while striving to deliver elevated everyday payment experiences across the Emirates.
The IPA establishes a foundational regulatory presence for PhonePe and helps the company continue to work hand-in-hand with authorities to complete all prerequisites for final approval ahead of its commercial launch in the UAE.
